AQUARIUS PLATINUM
LIMITED
First Quarter 2016: Production and
Financial Results
Production and
Financial Results to 30 September
2015
Highlights
- Attributable production from operating mines up 5%
quarter-on-quarter, up 8% compared to previous corresponding
period, quarter ended September 2014
(pcp)
- Average US$ PGM basket price decreased 14% for the quarter –
down 29% compared to pcp
- Kroondal PGM basket price decreased 15% on average to R10,897
per PGM ounce quarter-on-quarter - down 31% compared to the
pcp
- Mimosa PGM basket price decreased 12% on average to
$890 per PGM ounce quarter-on-quarter
- down 26% compared to the pcp
- The Rand weakened against the US Dollar 6% on average
quarter-on-quarter – down 19% compared to the pcp
- Cash costs at Kroondal down 1% to R9,123 per PGM ounce
quarter-on-quarter – up 1% compared to the pcp
- Cash costs at Mimosa unchanged at $795 per PGM ounce quarter-on-quarter - down 3%
compared to the pcp
- Group cash balance at quarter end of $175 million (June
2015: $196 million) with a
further $3 million attributable to
Aquarius held in JV entities, with the reduced cash balance
primarily the result of $12 million
unrealised fx adjustments on ZAR cash balances in line with
movement following the weaker R:US$ exchange rate and a
$4 million CGT payment on the sale of
Kruidfontein
- Conclusion of Everest Part B sale post quarter end which is
expected to result in a R50 million receipt in November 2015
|
Q1 2016 Operating Results Summary |
|
Kroondal |
Mimosa |
PlatMile |
4E PGM
production |
|
|
|
Total
(100% basis) |
116,836 |
62,410 |
3,890 |
Attributable |
58,418 |
31,205 |
3,890 |
4E basket
price |
|
|
|
R/oz |
10,904 |
- |
11,154 |
$/oz |
852 |
890 |
860 |
Cash costs (4E
basis) |
|
|
|
R/oz |
9,123 |
- |
6,914 |
$/oz |
- |
795 |
533 |
|
|
|
|
Cash margin
(%) |
(13) |
4 |
23 |
|
|
|
|
Stay-in-business
capex |
|
|
|
R/oz |
613 |
- |
284 |
$/oz |
48 |
117 |
22 |
Commenting on the results,
Jean Nel, CEO Aquarius Platinum
said:
The quarter was characterised by an
excellent operating performance, with Kroondal delivering its
11th consecutive production quarter above 105,000 4E
oz’s and Mimosa delivered an all-time production record, while both
operations delivered reduced costs. Quarterly production from
Mimosa and Kroondal attributable to AQP is an all-time company
record. As always all the credit for this performance goes to the
operational teams.
Despite this disciplined performance
profit and cash margins were lower in the quarter following the
dramatically lower metal prices with the Dollar PGM basket price
14% lower in the quarter and 29% lower year on year to levels last
recorded in 2006. Given that we see no fundamental reason to be
optimistic about PGM prices in the short term management will
continue to implement all possible cost savings measures to
preserve cash levels.
Lastly, further to the announcement
made on 6 October 2015 in which
Aquarius and Sibanye jointly announced the conclusion of an
implementation agreement in terms of which Sibanye proposed to,
subject to fulfilling a number of conditions precedent, acquire all
the issued shares of Aquarius, the work streams required to
facilitate the special general meeting of Aquarius shareholders to
vote on the offer is progressing in line with our expectations and
meeting materials will be despatched in due course.
Production by mine attributable to
Aquarius (Operating mines)
PGMs
(4E) |
Quarter ended |
Sept
2015 |
June
2015 |
%
Change |
Sept
2014 |
%
Change |
Kroondal |
58,418 |
56,012 |
4 |
56,124 |
4 |
Mimosa |
31,205 |
30,018 |
4 |
28,900 |
8 |
PlatMile |
3,890 |
2,773 |
40 |
1,831 |
112 |
Total |
93,513 |
88,803 |
5 |
86,855 |
8 |
Average PGM basket prices achieved at
Aquarius operations
US$ per
PGM ounce (4E) |
Quarter ended |
Sept-15 |
June-15 |
%
Change |
Sep-14 |
%
Change |
Kroondal |
852 |
1,005 |
(15) |
1,239 |
(31) |
Mimosa |
890 |
1,010 |
(12) |
1,200 |
(26) |
Platinum
Mile |
860 |
978 |
(12) |
1,202 |
(28) |
Weighted
Avg. |
865 |
1,006 |
(14) |
1,225 |
(29) |
Aquarius Group quarterly attributable
production (PGM ounces) to 30 September
2015
See www.aquariusplatinum.com for hart
PGM markets update
The price of Platinum fell 16% over the quarter, confirming the
weakest quarterly performance for platinum since 2008, finishing at
$903 per ounce with an average price
of $991 per ounce. Palladium moved
down 6% to $697 per ounce with an
average price of $617 over the
quarter. Gold was the strongest performer of the three metals
however also reported negative gains over the quarter moving 5%
lower, and despite positive performance across August and September
finished around the $1,169 per ounce
level with an average price of $1,125.
Macro concerns continued to impact the prices of precious metals
with the main factors impacting demand across the month including:
Chinese macro growth concerns, the quantum of above ground precious
metal stocks, and, post quarter end, the VW news. Platinum fell to
an eight-year low and palladium reached the lowest level since 2012
on speculation off over supply amid slowing demand from
China.
The VW “dieselgate” scandal was incrementally negative to diesel
demand and thus platinum demand. The USD continued to strengthen
during the quarter, with the Rand falling 6% against the dollar
over the quarter, as US interest rate speculation remained a key
driver for the continued strength and volatility particularly
across September.
The outflows from the various ETF’s have also highlighted
investor preference for palladium over platinum. Since the price
correction in August platinum ETFs have seen steady outflows,
whilst Palladium ETF’s have seen some renewed inflows.
12-month individual PGM prices to
30 September 2015(US$/oz)
12-month PGM basket prices to 30
September 2015 (US$ and ZAR per PGM basket
ounce)
12-month ZAR price to 30 September
2015 (ZAR/US$
See www.aquariusplatinum.com for graph/chart
Financials
Aquarius recorded an on-mine EBITDA profit of $2.5 million for the quarter ended 30 September 2015, down $12.3 million compared to the pcp.
Aquarius' share of profit from joint venture entities (Mimosa)
was a loss of $2 million, a
$9 million reduction compared to the
pcp. The consolidated result of the Group (IFRS) was a net
loss after tax of $12.3 million, down
from a profit of $5 million in the
pcp.
The lower result compared to the pcp was due entirely to
significantly lower PGM prices which were down 29% in Dollar terms
negative pipeline sales adjustment of $6
million at Kroondal. This impacted directly on revenue
which was down 35% to $40 million,
compared to $62 million in the pcp.
In Rand terms, aggregate revenue increased 22% compared to
the pcp due to the impact of a 19% depreciation in the Rand. JV
entity Mimosa's revenue was similarly impacted by lower PGM prices
as well as a negative pipeline sales adjustment of $5 million.
Profit & Production Summary
Sept 2015 Quarter |
Aquarius
operations |
JV
entities |
Total |
Consolidation adjustment |
Aquarius
Group |
Mine EBITDA |
$2.5M |
$1.4M |
$3.9M |
($1.4M) |
$2.5M |
Revenue |
$40.3M |
$26.5M |
$66.8M |
($26.5M) |
$40.3M |
Cost of sales |
($48.0M) |
($28.7M) |
($76.7M) |
$28.7M |
($48.0M) |
Net profit/(loss)
after tax |
($10.2M) |
($2.1M) |
($12.3M) |
$1.0M |
($12.3M) |
PGM ozs
production |
62,308 |
31,205 |
93,513 |
- |
93,513 |
.
Production for the quarter was 93,513 PGM ounces, an 8% increase
compared to the pcp and 5% higher quarter-on-quarter.
Kroondal continued to excel with production up 4% compared to both
the pcp and also quarter-on- quarter. Production at PlatMile
was also higher be it of a low base. Production at joint venture
entity Mimosa remained consistently good up 8% compared to the pcp
and up 4% quarter-on-quarter
Total cost of sales of $48 million
was 15% lower compared to the pcp, despite an 8% increase in
production due to a 19% weakening in the Rand/Dollar exchange
rate. In Rand terms, total cost of sales were 2% higher
compared to the pcp, a credible performance given the 8% increase
in production.
On a cash cost basis, Kroondal's cash costs per ounce in Rand
terms increased 1% compared to the pcp and decreased by 15% in
Dollar terms due to the weaker Rand. Compared to the previous
quarter June 2015, Kroondal's cash
costs per PGM ounce decreased 1% in Rand terms and 7% in Dollar
terms. Mimosa’s cash costs per PGM ounce decreased 3% compared to
the pcp and remained unchanged compared quarter-on-quarter.
Depreciation and amortisation for the quarter was $4.5 million.
Administrative costs of $1 million
remain controlled and in line with expectation. Finance costs
include interest paid on borrowings of $1.5
million, non-cash interest accretion on convertible bonds of
$1.2 million and the unwinding of the
rehabilitation provision of $1.1
million.
Net operating cash outflow for the quarter of $9 million comprised $52
million inflow from sales, $62
million paid to suppliers and $1
million interest received. Development and capital
expenditure for the quarter was $3
million. Net financing cash inflows of $2.8 million included dividends of $4 million from Mimosa, $0.5 million repayment of AQPSA finance leases
and $0.5 million loans to joint
venture entities.
The Group’s cash balance was $175
million at the end of the quarter, held as follows:
AQP
$111 million
AQPSA
$61 million
ASACS
$1 million
Platmile
$1 million
Ridge Mining
$1 million
Total
$175 million*
* Mimosa and Blue Ridge (in which Aquarius has a 50% equity
interest) are accounted for using the equity method. Cash held in
these two entities at 30 September
2015 was $7 million and does
not form part of the above cash balances. Under the previous
method of proportionately consolidating its investment in Mimosa
and Blue Ridge, 50% of this cash ($3.5
million) would have been included in Aquarius' Group cash
balance.
(The segment note
provided below details the income statement for each operating
division of the Aquarius Group.)
Consolidated Statement of Cash Flows
Quarter ended 30 September 2015
$’000 |
|
|
|
Quarter
Ended |
Quarter
Ended |
Financial Year Ended |
|
|
Note |
30/09/15* |
30/09/14* |
30/06/15 |
Net
operating cash (outflow)/inflow |
(i) |
(9,071) |
6,353 |
17,852 |
Net
investing cash (outflow)/inflow |
(ii) |
(3,084) |
(5,640) |
38,534 |
Net
financing cash inflow |
(iii) |
2,845 |
3,607 |
12,540 |
Net
(decrease)/increase in cash held |
|
(9,310) |
4,320 |
68,926 |
Opening cash balance |
|
195,773 |
136,819 |
136,820 |
Exchange rate movement on cash |
|
(11,608) |
(3,595) |
(9,973) |
Closing cash balance |
(iv) |
174,855 |
137,544 |
195,773 |
|
|
|
|
|
|
|
* Unaudited
Notes on the September 2015 Consolidated Statement of Cash
Flows
- Net operating cash flow for the quarter includes $52 million inflow from sales impacted by lower
prices and $3 million negative
pipeline sales adjustment, $58
million paid to suppliers, $4
million VAT paid on the Everest disposal and $1 million interest received.
- Comprises $3 million of
development and plant & equipment expenditure at AQPSA.
- Includes $4 million dividends
from Mimosa, $0.5 million repayment
of AQPSA finance leases, $0.5 million
loans to joint venture entities and $0.2
million interest paid.
- Mimosa and Blue Ridge (in which Aquarius has a 50% equity
interest) are accounted for using the equity method Cash held in
these two entities at 30 September
2015 was $7 million and does
not form part of the above cash balances. Under the previous
method of proportionately consolidating its investment in Mimosa
and Blue Ridge, 50% of this cash would have been included in the
Aquarius' Group cash balance.
Segment Note
Quarter ended 30 September 2015
$’000
|
Kroondal |
Marikana |
Everest |
Mimosa |
Platinum
Mile |
Revenue |
36,484 (1)) |
44 |
- |
26,511 (2) |
2,390 |
Cost of sales |
|
|
|
|
|
- mining, processing and
administration |
(41,195) |
(320) |
99 |
(25,110) |
(2,108) |
- depreciation and
amortisation |
(3,838) |
(10) |
- |
(3,602) |
(605) |
Gross profit/(loss) |
(8,549) |
(286) |
99 |
(2,201) |
(323) |
Other income |
- |
- |
- |
39 |
- |
Administrative costs |
- |
- |
- |
- |
- |
Foreign exchange gain/(loss)
(3) |
7,158 |
- |
- |
40 |
342 |
Finance costs |
- |
- |
- |
- |
- |
Impairment losses |
- |
- |
- |
- |
- |
Profit on sale of assets |
4 |
- |
- |
- |
- |
Share of loss from joint venture
entities |
- |
- |
- |
- |
- |
Profit/(loss) before income tax |
(1,387) |
(286) |
99 |
(2,122) |
19 |
Income tax (expense)/benefit |
- |
- |
- |
- |
- |
Net profit/(loss) from ordinary
activities |
(1,387) |
(286) |
99 |
(2,122) |
19 |
|
|
|
|
|
|
On-mine EBITDA |
2,080 |
(304) |
99 |
1,456 |
602 |
|
|
|
|
|
|
Note |
|
|
|
|
|
(1 & 2) includes negative
pipeline sales adjustment |
(6,137) |
|
|
(4,980) |
|
(3) comprises $7.7m fx gains on
sales offset by $0.5m fx loss on cash movements |
|
|
|
|
|
Segment Note
Quarter ended 30 September 2015
$’000
|
CTRP |
Corporate/
Unallocated |
Segment
Result |
Reconciliation
to Consolidated
Information |
Consolidated |
Revenue |
15 |
1,369 |
66,813 |
(26,511) |
40,302 |
Cost of sales |
|
|
|
|
|
- mining, processing and
administration |
(3) |
- |
(68,637) |
25,110 |
(43,527) |
- depreciation and
amortisation |
(42) |
(1) |
(8,098) |
3,602 |
(4,496) |
Gross profit/(loss) |
(30) |
1,368 |
(9,922) |
2,201 |
(7,721) |
Other income |
- |
15 |
54 |
(39) |
15 |
Administrative costs |
- |
(1,058) |
(1,058) |
- |
(1,058) |
Foreign exchange gain/(loss)
(3) |
- |
(6,577) |
963 |
(40) |
923 |
Finance costs |
- |
(3,910) |
(3,910) |
88 |
(3,822) |
Impairment losses |
- |
(282) |
(282) |
- |
(282) |
Profit on sale of assets |
- |
- |
4 |
- |
4 |
Share of loss from joint venture
entities |
- |
- |
|
(2,391) |
(2,391) |
Profit/(loss) before income tax |
(30) |
(10,444) |
(14,151) |
(181) |
(14,332) |
Income tax (expense)/benefit |
- |
1,772 |
1,772 |
181 |
1,953 |
Net profit/(loss) from ordinary
activities |
(30) |
(8,672) |
(12,379) |
- |
(12,379) |
|
|
|
|
|
|
|
(3) |
|
|
|
|
On-mine EBITDA |
|
- |
3,930 |
(1,456) |
2,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Review Summary (all numbers
on 100% basis)
AQUARIUS PLATINUM (SOUTH
AFRICA) (PTY) LTD (Aquarius Platinum - 100%)
P&SA1 at Kroondal (Aquarius
Platinum – 50%)
- 12-month rolling average DIIR per 200,000 man hours decreased
2% to 0.64, quarter on quarter
- Production increased to 1,934,000 tonnes from 1,755,000 tonnes,
quarter-on-quarter
- Head grade increased marginally to 2.50 g/t from 2.48 g/t
- Recoveries increased by 1% to 80%
- Volumes processed higher at 1,819,000 tonnes
- Stockpiles at the end of the quarter totalled approximately
142,000 tonnes
- PGM production increased by 4% to 116,836 PGM ounces,
quarter-on-quarter
- Revenue in Rand terms decreased by 14% to R943 million,
quarter-on-quarter, due to the decrease in the basket price
- Mining cash costs increased by 1% to R586 per tonne, due to
winter electricity tariffs
- Unit cost per PGM ounce decreased 1% to R9,123 per PGM ounce in
line with increased production
- Kroondal’s cash margin for the period (13)%
Kroondal: Production, Cash Cost and
Price Analysis
Capital Expenditure
See www.aquariusplatinum.com for graph/chart
Commentary
Kroondal:
There were no fatalities during the quarter. The 3 month DIIR
rate reduced to 0.38 from 0.47 which was reflected in the 12 month
DIIR which similarly improved to 0.64 from 0.65. Two Section 54
instructions were issued during the quarter.
Production at Kroondal for the quarter was up 10% to 1,934,000
tons quarter-on-quarter but 4% down compared to the previous
corresponding quarter, September 2014
(pcp).
Kroondal achieved its eleventh consecutive +105,000 PGM
production quarter. Unit costs in Rand terms continued to respond
positively down 1% quarter on quarter and up 1% compared to the PCP
in spite of South Africa’s inflation rate of approximately 6%.
Production capacity at both K6 and Simunye was further enhanced
during the quarter with K6 infrastructure coming on line and future
requirements being finalised and scheduled to support steady
state. Kopaneng ventilation constraints have been mitigated
and will suffice until such time that the vent raise has been
completed during Q3.
Bambanani shaft is presently managing excessive potholing. The
re-establishment of affected face length is expected to be
completed mid Q2.
Both plants improved production efficiencies resulting in
increased PGM production for the quarter and increased ore positive
stockpiles.
The Kroondal work force maintained a positive outlook with open
communication channels on all levels.
Operating cash costs per ounce
Unit cash cost per PGM ounce in Dollar terms (before by-product
credits) was 5% lower quarter-on-quarter mainly due to the weaker
Rand which depreciated 6% quarter-on-quarter and higher production.
Unit cash costs compared to the pcp were 15% lower due to the a 19%
weakness in the Rand.
In Rand terms, Kroondal's unit costs for the three months to
30 September 2015 were 1% lower and
only increased 1% compared to the pcp. A credible performance with
operating costs contained below inflationary levels of
approximately 6%.
Kroondal mine: reconciliation of cash
costs per 4E ounce
|
Cost per 4E ounce (Rand) |
|
Q4 2015 |
Q1
2016 |
Total
operating expenditure |
10,536 |
10,249 |
Less: |
|
|
Ongoing capital expenditure & mobile equipment |
(1,390) |
(619) |
Project capex |
(18) |
(46) |
Transferred from/(to) stockpile |
73 |
(461) |
On
mine cash costs |
9,201 |
9,123 |
MIMOSA INVESTMENTS (Aquarius Platinum
– 50%)
- 12-month rolling average DIIR was 0.32 per 200,000 man hours
worked
- Production decreased by 2% to 654,127 tonnes,
quarter-on-quarter
- Head grade static at 3.67g/t, quarter-on-quarter
- Recoveries static at 78.7%
- Volumes processed increased by 1 % to 671,507 tonnes
- Stockpiles at the end of the quarter decreased to
136,246 tonnes
- PGM production increased by 4% to 62,410 PGM ounces
quarter-on-quarter
- Revenue decreased by 15% to $53
million from $62million in the
previous quarter
- Mining cash costs per PGM ounce unchanged quarter-on-quarter
$795
- Stay-in-business capital expenditure was $117 per PGM ounce for the quarter
- Gross cash profit margin for the period decreased from 23% to
4%
Mimosa: Production, Cash Cost and
Price Analysis
See www.aquariusplatinum.com for graph/chart
Safety, Health and Environment
- One fatality was recorded during the quarter.
- Two LTIs were recorded during the quarter.
- No restricted work case was recorded during the quarter.
- One minor injury occurred during the quarter.
On the 24 August 2015 at 1520
hours, Erick Mukazi, a Face
Preparation Supervisor, was barring down in 24 Level North Bottom
Gulley where LHD lashing was in progress. A wedge dislodged from
the hanging wall and struck him on the head and upper back. The
incident occurred about 3 metres from the face. Mukazi sustained
fatal head injuries.
The fatal accident, which occurred after a long period of
relatively good safety performance, affected the morale of both
employees and management. Investigations, which involved
shareholder representatives, Ministry of Mines in Zimbabwe and other third party reviews, were
conducted and action strategies are being implemented to ensure
that this and other similar accidents do not recur.
The YTD LTIFR was 1.58 whilst the rolling LTIFR was 0.52.
Following the fatality, Mimosa is now on 48,542 fatality free
shifts as at the end of September
2015.
Operations
Operating cash costs per ounce
Unit cash cost per PGM ounce (before by-product credits) were
unchanged quarter-on-quarter. Compared to the pcp unit cash costs
were 3% lower.
Capital expenditure
The total capital expenditure for the quarter was $7.2 million. Expenditure was incurred mainly on
mobile equipment, drill rigs and LHDs, the conveyor belt extension
and down dip development.
Mining operations
With the exception of the tragic fatal accident reported on
earlier, the Mimosa mine operated very well during the quarter,
enjoying cordial industrial relations and meeting most of its
production targets. A total of 634,396 tonnes of ore were blasted
for the quarter under review with blasted grades of 1.917g/t Pt.
and 0.157% Ni. The blasted tonnage represents a 4.6% decrease
compared to the previous quarter’s 664,821 tonnes. Most teams mined
through poor ground conditions during the quarter resulting in
preparation constraining the ore generation cycle.
Following the fatal accident, mining production was slowed down
to allow teams to re-focus after such a tragic event.
Hoisted tonnage for the quarter was at 654,127 tonnes compared
to 684,030 tonnes achieved in the previous quarter representing
7.3% decrease in performance. Hoisting performance is
expected to improve in line with the anticipated improvement in the
amount of blasted ore.
Processing plant
The milled tonnage for the first quarter at 671,507Mt was 1%
above the 662,787Mt which was achieved in the previous quarter.
At 79.2% platinum recovery was slightly less than the 79.4%
achieved in the previous quarter with 4Es recovery remaining stable
at 78.7%. The Process Team continues to focus on initiatives to
improve the recoveries further.
PGMs production at 62,410 oz was 1% above the 61,561 oz which
was achieved in the previous quarter and 5% above the budget of
59,096 oz.
15% Export Levy on un-beneficiated
PGMs/ Deductibility of Royalties
The Statutory Instrument to give legal effect on the deferment
of the 15% export levy as announced by the Minister of Mines during
the quarter as well as regularize the deductibility of royalties is
yet to be gazetted. Engagements with the Ministries of Mines and
Finance are continuing to have the Statutory Instrument gazetted.
The
TAILINGS OPERATION
Platinum Mile (Aquarius Platinum –
91.7%)
- Material processed increased 11% to 1,174 million
tonnes
- Head grade increased slightly to 0.58 g/t from 0.57 g/t –
quarter on quarter
- Recoveries increased to 19%, up from 15% quarter on
quarter
- Production increased to 3,890 PGM ounces as explained
below
- Cash costs decreased 10% to R6,914 per PGM ounce
- Revenue increased to R35 million for the quarter
- Cash margin for the quarter was 23%, up from 14% in the
previous quarter
Since the commissioning of the coarse grinding milling circuit a
lot of effort has been placed on optimising downstream plant flow
and configuration options. These enhancements are
starting to impact positively with an increase in production
yields to 19% from 15%.
Operating cash costs per ounce
|
4E
(Pt+Pd+Rh+Au) |
6E
(Pt+Pd+Rh+Ir+Ru+Au) |
4E
net of by-products
(Ni, Cu& Co) |
Platinum
Mile |
6,914 |
5,960 |
5,529 |
MINES UNDER CARE AND MAINTENANCE
P&SA2 at Marikana (Aquarius
Platinum – 50%)
Given the continuing low Rand PGM basket prices, Marikana 4
shaft, the remaining operating shaft, and the processing plant at
Marikana continue on care and maintenance until further notice.
Chromite Tailings Retreatment Plant
(CTRP) (Aquarius Platinum – 50%)
This operation remains on care and maintenance.
CORPORATE MATTERS
2 October - Everest mine
Aquarius Platinum Limited (Aquarius) announced on 10 February 2015 that its subsidiary, Aquarius
Platinum (South Africa ) (Pty) Ltd
(AQPSA), had entered into an agreement to sell its entire interest
in the Everest Mine and ancillary mining and processing
infrastructure and immovable properties to Northam Platinum Limited
(Northam), for an aggregate cash consideration of R450 million, to
be completed in two parts, being R400 million for the concentrator
and other mining assets of Everest Mine (Part A) plus R50 million
for the Everest Mining Right (Part B). Part A of the disposal
process was completed on 26 June 2015
following the receipt of R400 million.
Subsequent to the end of the September quarter the parties
obtained consent in terms of section 11 of the Mineral and
Petroleum Resources Development Act, No. 28 of 2002 to transfer the
Everest Mining Right to Northam. The Part B Sale has become
unconditional and following registration in the Mining Titles
Office of the DMR, it is expected that the Part B funds will be
received.
6 October - Takeover Offer
The boards of directors of Aquarius Platinum Limited and Sibanye
Gold Limited announced they entered into an
implementation agreement, under which a wholly owned subsidiary of
Sibanye will, subject to the satisfaction of certain conditions
(including Aquarius shareholder approval), acquire all of
the shares in Aquarius for a cash consideration of
USD0.195 for each Aquarius share (the
Transaction).
In the absence of a superior proposal and subject to an
independent expert concluding that the Transaction is fair and
reasonable and in the best interests of Aquarius shareholders, the
Aquarius Board has resolved unanimously to recommend that Aquarius
shareholders vote in favour of the Transaction. Subject to these
same qualifications, each director of Aquarius intends to vote all
Aquarius shares held or controlled by them in favour of the
Transaction at the Aquarius shareholder meeting.
Meeting materials are currently being prepared and will be
despatched to shareholders. It is expected that the materials will
be mailed to shareholders before the end of 2015 and that a meeting
of Aquarius shareholders will be held before the end of
January 2016.
Full details are available in the announcement released to the
market on 6 October 2015.
Statistical information: Kroondal
P&SA1
See www.aquariusplatinum.com for statistical table
Statistical information: Mimosa
See www.aquariusplatinum.com for statistical table
Statistical information: Platinum
Mile
See www.aquariusplatinum.com for statistical table
Issued capital
At 30 September 2015, the Company
had on issue: 1,507,106,778 fully paid common shares.
Substantial
shareholders 30 September 2015 |
Number of Shares |
Percentage |
HSBC Custody Nominees
(Australia) Limited |
109,246,397 |
7.25 |
HSBC Global Custody
Nominee (UK) Limited (897467) |
59,989,992 |
3.98 |
Primary Listing: |
Australian Securities Exchange
(AQP.AX) |
Trading Information |
Premium Listing: |
London Stock Exchange (AQP.L) |
ISIN number BMG0440M1284 |
Secondary Listing: |
JSE Limited (AQP.ZA) |
ADR ISIN number US03840M2089 |
|
|
Convertible bond ISIN number
XS0470482067 |
Broker
(LSE) |
Broker
(ASX) |
Sponsor
(JSE) |
Barclays
5 The North Colonnade
Canary Wharf
London E14 4BB
Telephone: +44 (0) 20 7623 2323
|
Euroz
Securities
Level 18 Alluvion
58 Mounts Bay Road,
Perth WA 6000
Telephone: +61 (0) 8 9488 1400
|
Rand
Merchant Bank
(A division of FirstRand Bank Limited)
1 Merchant Place
Cnr of Rivonia Rd and Fredman Drive, Sandton 2196
Johannesburg South Africa
|
Aquarius Platinum (South Africa) (Proprietary) Ltd
100% owned
(Incorporated in the Republic of South
Africa)
Registration Number 2000/000341/07
1st Floor, Block C, Rosebank Office Park, 181 Jan Smuts Avenue,
Rosebank, South Africa
Postal Address: PO Box 7840,
Centurion, 0046, South Africa
Telephone:
+27 (0)10 001 2848
Facsimile:
+27 (0)12 001 2070
Aquarius Platinum Corporate Services
Pty Ltd
100% Owned
(Incorporated in Australia)
ACN 094 425 555
Level 1, Suite 6, SOUTHPOINT, 100 Mill Point Road, South Perth
WA 6151, Australia
Postal Address: PO Box 485,
South Perth, WA 6951, Australia
Telephone:
+61 (0)8 9367 5211
Facsimile:
+61 (0)8 9367 5233
Email:
info@aquariusplatinum.com
For further
information please visit www.aquariusplatinum.com or contact:
In the United Kingdom and South
Africa:
Jean Nel
+27 (0)10 001 2848 |
In
Australia:
Willi Boehm
+61 (0) 8 9367 5211 |